Macy's Inc Stock Forecast
Macy's Inc stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The Macy's Inc stock price gained 2.09% on the last trading day (Friday, 3rd May 2024), rising from $19.12 to $19.52. During the last trading day the stock fluctuated 2.54% from a day low at $19.13 to a day high of $19.61. The price has risen in 6 of the last 10 days and is up by 5.34% over the past 2 weeks. Volume fell on the last day by -325 thousand shares and in total, 4 million shares were bought and sold for approximately $75.51 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.12% during the next 3 months and, with a 90% probability hold a price between $17.75 and $20.85 at the end of this 3-month period.
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M Signals & Forecast
Mostly positive signals in the chart today. The Macy's Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $18.65 and $19.41. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 7.55%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Macy's Inc stock
Macy's Inc finds support from accumulated volume at $19.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.485 between high and low, or 2.54%. For the last week, the stock has had daily average volatility of 2.53%.
Our recommended stop-loss: $18.87 (-3.34%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (M) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Macy's Inc to open at $19.42, and during the day (based on 14 day Average True Range), to move between $18.93 and $20.11, which gives a possible trading interval of +/-$0.588 (+/-3.01%) up or down from last closing price. If Macy's Inc takes out the full calculated possible swing range there will be an estimated 6.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $19.30 (1.13%) than the resistance at $19.95 (2.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Macy's Inc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.474 Buy Candidate Upgraded
Predicted Opening Price for Macy's Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $19.42 ( 0.521%) | $19.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for M
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.90 | 1.96 % | |
| R2 | 19.72 | 1.01 % | ||
| R1 | 19.60 | 0.428 % | ||
| Current price: | 19.52 | |||
| Support | S1 | 19.23 | -1.47 % | |
| S2 | 19.12 | -2.06 % | ||
| S3 | 18.93 | -3.01 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.15 | 8.35 % | |
| R2 | 20.45 | 4.76 % | ||
| R1 | 19.95 | 2.20 % | ||
| Current price | 19.52 | |||
| Support | S1 | 19.30 | -1.13% | |
| S2 | 18.41 | -5.69% | ||
| S3 | 17.44 | -10.66% |
M Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 23, 2024 | Mar 14, 2024 | Apr 01, 2024 | $0.174 | 0.89% |
| 2 | Oct 27, 2023 | Dec 14, 2023 | Jan 02, 2024 | $0.170 | 0.86% |
| 3 | Aug 25, 2023 | Sep 14, 2023 | Oct 02, 2023 | $0.170 | 1.47% |
| 4 | May 31, 2023 | Jun 14, 2023 | Jul 03, 2023 | $0.165 | 1.00% |
| 5 | Feb 24, 2023 | Mar 14, 2023 | Apr 03, 2023 | $0.165 | 0.88% |
FAQ
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